Question

After four years in college Josie oh $65,800 in student loans in the interest rate on the federal loans is 4.5% in the rate on the private bank loans is 2% the total interest she owes for one year is $2903.50 what is the amount of each loan? 

Answer 1

Explanation:

Let's use the following variables to represent the information given:

Let x be the amount of federal loans.

Let y be the amount of private loans.

From the problem, we know that:

x + y = 65,800 (the total amount of loans)

0.045x + 0.02y = 2903.50 (the total interest owed for one year)

We can use the first equation to solve for x in terms of y:

x = 65,800 - y

Substituting this expression for x into the second equation, we get:

0.045(65,800 - y) + 0.02y = 2903.50

Expanding and simplifying:

2961 - 0.045y + 0.02y = 2903.50

Combining like terms:

0.025y = 57.50

Solving for y:

y = 2,300

Substituting this value of y into the equation x + y = 65,800, we get:

x = 63,500

Therefore, the amount of federal loans is $63,500 and the amount of private loans is $2,300.